Welcome to the video update for Monday, May the 3rd. We will start with the eurostoxx 50 weekly chart where an ab=cd pattern may be forming. Keep in mind we are in the buy zone.
Take a look at the EUR/USD weekly chart. What candlestick do you see for last week? Does it have any implications?
Trader Rick takes a look at the weekly gold chart where price continues higher, closing above the swing high in mid January of this year. The daily chart has a pattern worth looking at. We may have a rising wedge forming which has bearish implications.
Look at the weekly Canada chart where price put in an inside week this past week. The two previous weeks were both outside weeks! Dragon pattern continues to unfold. If you trade the Canada, please look at the 60 minute chart where an important trend line lies overhead.
Next up is the weekly crude chart where price put in an outside week. We are closing in on the .50 fib at just above $90. On the 60 minute chart, look for a possible 9/30 long if we get a pullback in to the buy zone.
Moving to the stock indexes, the first chart is the monthly DOW chart where we had a very narrow range for the month of April. What does this possibly mean? The daily DOW chart shows near term support. The NQ monthly is different than the DOW chart. Take a look. The NQ daily shows near term support. Price could be rolling over here or simply we are moving in to a trading range.
If you trade the NQ please look at the 60 minute chart where an ab=cd pattern may be forming. If the D level holds, price should move back higher. The ER 60 minute chart also has an ab=cd pattern forming possibly, with the D target not far away.
Trader Rick ends with the various ES charts…the weekly, daily, 60 minute and the 203 minute chart. The megaphone pattern continues to be a possibility. Keep an eye on it!
Good trading!
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Tags: ab=cd pattern, dragon pattern, megaphone pattern, rising wedge
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